Markets

Speculators and algorithmic traders are increasingly optimistic about rising oil prices, driven by anticipated policy shifts in the US, stricter sanctions on Iran, and evolving trends in global oil demand.

In 2025, the US Gulf of Mexico is set to achieve record oil production, expected to reach around 2MM b/d, driven by the commencement of several major deepwater fields.

In 2024, US oil production reached a record high, surpassing the previous year’s achievement of 12.9MM b/d.

Nigeria's oil production reached its highest level for 2024 in Nov., hitting 1.7MMb/d, a significant 13.3% increase compared to Nov. 2023.

Canada's oil industry is preparing for increased output in 2025, with major producers Cenovus, Imperial Oil, and Suncor each planning to boost production next year despite political pressures.

OPEC+ has decided to delay the start of its production increases for three months, postponing the gradual easing of its cuts from Jan. 2025 to Apr. 2025.

OPEC+ has delayed its planned rollback of voluntary crude production cuts by one month, with the gradual increase now scheduled to begin in Jan. 2025, instead of Dec. 2024.

OPEC+ is navigating a complex landscape of uncertainty regarding its production strategy for Dec., with traders divided on whether the organization will proceed with planned increases.

Brazil’s state-owned producer has initiated production operations from the Maria Quitéria floating production, storage, and offloading (FPSO) unit at the Jubarte field in the Campos Basin's presalt area offshore Brazil.

Recent developments in South America's oil and gas sectors, particularly in Guyana, Suriname, Brazil, and Argentina, are poised to significantly impact the global energy landscape.